Business
Duran Ventures Completes Double Jack Acquisition; Appoints New Director
Duran Ventures Completes Double Jack Acquisition; Appoints New Director
About this update from Rio Silver Inc.
[{"type":"text","content":"\nDuran Ventures Completes Double Jack Acquisition; Appoints New Director\n\n\n Jul. 9, 2010 (TheNewswire.ca) -- TORONTO, CANADA - July 9, 2010 - Further to its press release dated June 23, 2010, wherein Duran Ventures (TSXV:DRV) Inc. (TSX-V: DRV)(\"Duran\") announced that it had entered into a definitive amalgamation agreement (the \"Amalgamation Agreement\") with Double Jack Mines Limited (\"Double Jack\") to acquire certain mineral properties in Peru beneficially held by Double Jack (the \"Double Jack Properties\"), Duran is pleased to announce that effective July 8, 2010 it has completed the acquisition of the Double Jack Properties.The Double Jack Properties are located in the same jurisdiction (Peru) as Duran's flagship mineral exploration property, the Aguila Project. The Double Jack Properties are grassroots exploration properties and will be added to Duran's inventory of mineral properties to be evaluated for further exploration potential.Pursuant to the terms of the Amalgamation Agreement, Duran has issued 9,393,346 Duran common shares to the Double Jack shareholders as consideration, being the equivalent of $1,200,000 of Duran common shares valued at the average closing price for the twenty day period ending immediately prior to closing of the acquisition of the Double Jack Properties. The securities issued in connection with the acquisition of the Double Jack Properties are subject to a hold period of four months plus one day from the date of issue. The transaction is subject to final regulatory approval.Duran is also pleased to announce that Mr. Steve Brunelle has joined the Board of Directors of Duran. Mr. Brunelle is a Canadian geologist with 29 years of experience in mineral exploration throughout the Americas. He has been an officer and director of several resource companies, most recently, Stingray Copper Inc. and prior to that, Corner Bay Silver Inc.At Stingray, the Mexican bulk mineable oxide copper deposit \"El Pilar\" was taken to a feasibility in 2009 and Stingray was subsequently acquired via merger. At Corner Bay Silver, the bulk mineable silver deposit \"Alamo Dorado\" was taken to feasibility and the Company was acquired by Pan American Silver Corp. (NASDAQ:PAAS) (TSX:PAA) Mr. Brunelle is presently a director of Escape Gold Inc. (OOTC:EGTFF) (TSXV:EGT) and Messina Minerals (TSXV:MMI) Inc. During the 19...